FxWirePro: AUD/CAD Trade Idea

FxWirePro's Hourly Currency Strength Index for AUD/CAD was bullish at 1045 GMT

FxWirePro's Hourly AUD Spot Index: 111.081 - Bullish

FxWirePro's Hourly CAD Spot Index: -93.8351 - Bearish

Technical Analysis: Slightly bullish

- The pair is extending consolidation around 5-DMA at 0.9672

- The pair is trading in a sloping channel, with strong resistance at 0.9748

- Indicators are turning, Stochs and RSI have shown a rollover from oversold levels and rising

- We see minor upside till 20-DMA, further gains only on decisive break above

Support levels - 0.9672 (5-DMA), 0.9626 (61.8% Fib retrace of 0.9150 to 1.03975 rally), 0.9612 (Nov 17 low)

Resistance levels - 0.9748 (20-DMA), 0.9773 (50% Fib), 0.9778 (50-DMA)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-CAD-breaks-major-trendline-support-at-09685-hits-10-month-lows-at-09653-bias-bearish-1009038) has almost hit all targets.

Recommendation: Good to go long on close above 5-DMA, SL: 0.9625, TP: 0.9748/ 0.9780.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 124.067 (Bullish), while Hourly CAD Spot Index was at 9.69413 (Neutral) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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